Cramer said that Yahoo!'s core business is worth at least $7.17 a share, taking the total value up to $22 a share. He said with Mayer at the helm, it's easy to think the stock will begin to move once the company reports on Oct. 22 and outlines more of its plans.

Companies cannot execute a turnaround plan, or any plan, without a solid CEO, Cramer concluded, and Yahoo! finally has one.

Lightning Round

Here's what Cramer had to say about callers' stocks during the "Lightning Round":

Frontier Communications ( FTR): "No. I don't want you to touch this one. They're in a bad part of telco."

Western Digital ( WDC): "Very inexpensive but I don't want to own any drive stocks."

Cabot Oil & Gas ( COG): "People feel that natural gas has bottomed. I'd hold onto it."

Deckers Outdoor ( DECK): "This is a one-way ticket away from paradise. We need to hear from management before we can believe in Deckers again."

Celgene ( CELG): "I like it. I think they're doing a terrific job. I want to buy some right here."

Devon Energy ( DVN): "This is a distinct disappointment and I'm not going there."

Sears Holdings ( SHLD): "Until you tell me that you want to shop at Sears, I'm not buying it. I won't shop there and I don't want to own the stock."

ArcelorMittal ( MT): "Just sell it. I don't want any steel stocks right now."

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Hamid Moghadam, chairman and co-CEO of Prologis ( PLD), a global logistics REIT that specializes in warehouse and distribution buildings. Prologis sports a 3.25% dividend yield and has seen its shares rise 21% so far this year.

Moghadam said that Prologis now operates in 21 countries and, overall, the world outside of Europe is faring pretty well. He said that even some areas of Europe are recovering, with only southern Europe having "a long way to go." Moghadam noted that after a four-year span with virtually no new construction, markets are finally in balance.

That's why Prologis plans on $1.5 billion in new development this year, a number that Moghadam said represents "quite a few new buildings." His company is the most dominant player in the industrial building space with its next largest competitor being five times smaller.

When asked about his company's valuation, Moghadam said that his goal is to achieve 30% leverage, down from the current 42% level. He said that net asset value for Prologis is about $35 to $38 a share, but given the company's size it should have a premium valuation. Moghadam also noted that industrial rents are 25% below their 200 peaks, leaving lots of room for growth.

Cramer agreed, saying that Prologis is a real grower with a great dividend yield.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said he'd be a buyer of B&G Foods' ( BGS) coming secondary 3.65 million-share offering of stock.

Cramer said he remains a fan of B&G, the company that buys and revitalizes neglected food brands including Cream of Wheat and Ortega Mexican foods, among dozens of others.

He said B&G's winning strategy of using its credit lines to make the acquisitions, then following with the equity offerings to reduce debt, has made shareholders money time and time again. Shares are up from a low of $2 to over $31 a share now.

--Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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